2003-03-04 PLEASE TURN OFF ALL CELL PHONES & PAGERS IN COUNCIL CHAMBERS.
CITY OF MOUND MISSION STATEMENT: The City of Mound, thrOUgh teamwork and Cooperation, Provides at a reasonable
Cost, qual!ty Ser,'ices that reSPond t°the needs Of all citizens, fostering a Safe~ attractive and flOurishing community: '
AGENDA
MOUND CITY COUNCIL SPECIAL MEETING
TUESDAY, MARCH 4, 2003 - 7:00 P.M.
MOUND CITY COUNCIL CHAMBERS
*Consent Agenda: Items listed under the Consent Agenda are considered routine in nature and will be enacted by a single roll call
vote. There will be no separate discussion of these items unless a Council Member or Citizen so requests. In that event the item will
be removed fr_om__the Consent Agenda and cons_~d~r_ed in n__o_~.rtn_ a~eque_n_ce.~ ...... ~ ~-- ~ ..... .,:.~
OPEN MEETING
PAGE
2. PLEDGE OF ALLEGIANCE
o
7:00 P.M. - DISCUSSION OF DOWNTOWN SPECIAL SERVICE
DISTRICTS (BRUCE CHAMBERLAIN)
4. 8:15 P.M. - FINANCING ISSUES (JIM PROSSER) 957 - 959
5. ADJOURN
This is a preliminary agenda and subject to change. The Council will set a final agenda at the meeting. More current meeting
agendas may be viewed at City Hall or at the City of Mound web site: wu w. ciO;of~noum't, com.
From:
Date:
Subject:
Kandis Hanson City of Mound
Jim Prosser, Ehlers & Associates
February 26, 2003
Financing Issues
There are a number of projects that may require issuance of debt within the next two years.
Several of these projects are related to the downtown redevelopment projects, others are
general City improvement and utility projects.
The table below summarizes the current projects identified for potential funding within the
next two years. Project listed in the "Schedule" column for 2003 are those projects to be
considered for funding this year. Other projects have been identified to forecast future needs
to be considered by the City Council.
The purpose of this presentation is to provide information so the City Council can determine
which (if any) of the projects should be funded. If a determination is made to consider the
issuance of debt to finance the any of the 2003 project listed below, Ehlers will coordinate
with your staff to prepare a pre sale report with proposed sale details including bond terms,
conditions, timing, proposed debt schedule and projected impacts. The pre sale report would
be presented at a City Council meeting. At that time the Council would make a final
determination regarding the projects to be financed and authorize Ehlers to proceed with a
competitive bond sale. The bond sale results would be presented at a subsequent meeting,
usually one month after the pre sale presentation. At that meeting the Council would review
and accept the bond sale results.
It is not required that any or all of the 2003 projects would need to be authorized at this time.
However, if a decision is made to authorize any of the projects, grouping bonds for the
approved projects for sale at one time will save some cost of issuance and reduces some of
the administrative and technical complexities.
Projected Capital Projects - City of Mound 2003/2004
Project/Funding Source Amount Schedule Notes
MetroPlains 600,000 2003 Issue MetroPlains is being assessed for full cost
Improvements of this project.
Work
Improvement Bonds completed.
LEADERS IN PUBLIC FINANCE
Jim Presser, Executive Vice President/Director
3060 Centre Pointe Drive Phone: 651-697-8503 Fax: 651-697-8555
Roseville, MN 55113-1105 Email: jirn@ehlers-
inc.com -957-
City of Mound - Capital Financing Issues
Project/Funding Source Amount Schedule Notes
Street Improvements/ 400,000 2003 Issue Will need to wait until assessment
Improvement Bonds proceeding initiated to issue bonds.
Summer 2003
Meter 350,000 2003 Issue Should combine with other projects.
Replacement/Water
bonds
Refund 1993 water and 670,000 2003 Issue Refunding these bonds will save City an
sewer bonds estimated $28,000 total over the next 5
ASAP years. Should combine with other issue to
reduce issuance costs and maximize
savings.
Downtown To be 2003 Issue The HRA has incurred an estimated
Redevelopment determined $2,000,000 in costs related to downtown
Costs/G.O. T~F Bonds redevelopment. These costs include land
acquisition, engineering, planning, project
management, appraisal, soil studies and
other related costs. These costs have been
covered by inter-fund loans. Ability to
reimburse will depend on redevelopment
finances. Given State budget issues City
should consider issuing bonds to reimburse
for a portion of these costs. Ehlers
estimates that about $200,000 of debt can
be supported from tax increment not
pledged to other debt. Debt in addition to
this amount could be issued, for a portion
of the project expenses to date but would
increase city debt levy.
Potential Future Capital Projects - Not for funding in 2003
CSAH/Improvement 3,772,916 Future Issue City has sufficient MSA funds to cover
Bonds (City portion) land cost reimbursement to County. County
Land purchase needs to complete project design and
1,420,000 by County is develop final project estimates before
(Projected underway, bonds are issued. Can issue temporary
developer May need to bonds, if needed, until final cost is
payment) reimburse determined.
early 2003.
66,400 Construction
(Projected later 2003.
assessed to
owners)
5,259,316
(Total)
Page 2 of 3 -958-
City of Mound - Capital Financing Issues
Project/Funding Source Amount Schedule Notes
Sanitary sewer/Sewer 200,000 Undetermined Required for city portion of lift station
Bonds relocation. MetroWaste has not yet
resolved lift station relocation and costs.
Probably can be tied to CSAH 15 project.
Water 633,750 Undetermined Project relates to downtown improvements
improvements/Water related to roadway and redevelopment.
Bonds Cost not yet finalized. This is in addition to
341,250 already issued. Can likely wait
Until CSA~H 15 project~degign Completed:
Water Tower/Water TBD Early 2004 Need cost estimate
bonds
Retaining wall TBD TBD Need to combine with other improvement
replacement/ project.
Improvement Bonds
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